Publically announced breaches of secured information are so common today that they almost seem routine. Last year, in the United States alone, financial companies like JPMorgan Chase and retailers such as Target and Home Depot were victimized by information system hackers that allegedly gained access to the confidential data of millions of businesses and consumers.

Data breaches compromise consumer data and, in some cases, organizational data as well, increasing the risk of both business and personal financial fraud. However, data breaches also come with a significant cost for those organizations that have been targeted. According to its “2014 Cost of Data Breach Study: Global Analysis,” the Ponemon Institute estimates the average total cost of addressing a single data breach incident at $3.5 million, or about $145 for each lost or stolen record.

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